Bitcoin (BTC), which saw the lowest level of this year with $ 17,600 in June, started to recover in July. However, Bitcoin, which failed to hold above $ 20,000 and fell at the end of August, fell to the level of $ 18,000 a few days ago, causing investors to panic. While investors are wondering if Bitcoin will again reach a bottom or rise, Pantera Capital CEO Dan Morehead has made a statement that will please investors.
Speaking to Bloomberg, crypto supporter Dan Morehead said that soon the crypto winter will end, the price of Bitcoin will rise again and the bull market will begin. Saying that such ups and downs are normal in the Bitcoin and crypto market, the famous CEO also referred to the bear market in 2018 and stated that there have been such ups and downs in the last ten years.
“We've been through three major bear market cycles. I actually think we've hit the bottom with the June low and we're moving on to the next bull market. The path to the bull market may be full of challenges or it may take some time but I think we're moving to the next leg of a bull rally."
Sharing his prediction about the price of Bitcoin, Morehead argued that BTC will continue to increase by about 2.5 times a year. Although the famous CEO thought that Bitcoin would become more and more valuable, he claimed that the crypto industry has changed recently and that the interest is no longer only in Bitcoin and Ethereum (ETH). According to Morehead, the dominance of BTC and ETH has started to wane and investors are now turning to other important crypto money projects besides BTC and ETH. In this context, Morehead thinks that many other crypto money projects may develop much faster than Bitcoin in the near future.
“Bitcoin is not everything anymore. There was a time when Bitcoin was 100% of the crypto market and for a while Bitcoin and Ethereum were everything. Now there are more important projects. Because we see Bitcoin rallying a bit, but Bitcoin and Ethereum Apart from that, we see that some projects rally more than BTC and ETH."